Account receivables interview questions in oracle apps

Typically, the last day of the fiscal year is used as an adjusting period to perform adjusting and closing journal entries. Once you begin using your accounting calendar, you cannot change its structure to remove or add an adjusting period. Choosing whether to include an adjusting period or not in your calendar is a very important decision. You can have an unlimited number of adjusting periods.

Oracle Applications: Oracle Receivables Interview Questions and Answers (FAQS)

Checkout Oracle Apps Functional Tutorials. Standard Purchase Order: Blanket PO is created when you know the detail of the goods or services you plan to buy from a specific supplier in a period, but you do not know the detail of your delivery schedules. Planned PO: Planned PO is a long—term agreement committing to buy items or services from a single source. You must specify tentative delivery schedules and all details for goods or services that you want to buy, including charge account, quantities, and estimated cost.

Contract PO: Contract PO is created when you agree with your suppliers on specific terms and conditions without indicating the goods and services that you will be purchasing. What is 2 way, 3 way and 4 way matching? Making payments to the suppliers in 3 ways. Suppose we Had given PO for items ,for that we will receive invoice for items. Suppose we have ordered items in PO. But we had received only 80 items ,But we had received invoice for items. Suppose we have items in PO. Suppers send us 80 items We will do inspection on those items what ever we have received, If 10 items got damaged.

Payables uses payment terms to automatically calculate due dates, discount dates, and discount amounts for each invoice you enter. Payment terms will default from the supplier site.

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If you need to change the payment terms and the terms you want to use are not on the list of values, you can define additional terms in the Payment Terms window. Explain Process Of Sweep Program? This particular program is run in order to transfer un-accounted invioce to next opened period during period end closing of Accounts Payable. In order to negotiate Transfer these invoice to next open period this program is run. So that the Payable period can be closed.

AP Invoice: Expenses AR Invoice: What is Pre Payment in AP? Prepayment is Advance Payment made to supplier by Organization or Employee. Later it will apply against the feature debit. These are two types 1. Permanent Prepayment 2. Temporary Prepayment. Key Flex field: Accounting flex field mandatory 2. Reporting attribute optional 3. Category mandatory , Asset key mandatory , Locations flex field. Its negative amount identified by Customer and sent to Supplier. Purchase Returns. Its negative amount identified by Supplier and sent to the Customer.

We send a memo to the supplier is called as debit memo or supplier send a memo is called as credit memo.

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Apply any remaining amount in the following order: Apply a proportionate amount to the open line item amount and the open tax amount for each line. Apply any remaining amount to freight and then to finance charges. Apply a proportionate amount to the line, tax, freight, and finance charges.

Accounts Receivable (AR) Interview Questions And Answers

How can you print a Statement for a customer? Statement cycles are to determine when to send statements to the customers. You assign these cycles to your customer and site level profiles. Receivables let you generate statements for all customers associated with a specific statement cycle. Email This BlogThis! No comments: Newer Post Older Post Home.

Subscribe to: It is the branch of economics that studies the management of money and other assets. In simpler terms it can be defined as the commercial activity of providing funds and capital. It addresses questions like --what funds are required by the org? How they can be raised? How they have to be allocated etc. It is the occupation of maintining and auditing records and preparing financial reports for a business. Accounts provides quantitative information about finances.

It addresses issues like what amount of funds have been allocated to various activities how the book-keeping is being done etc. Both functions are distinct but complimentary to each other. Finance and accounts are highly specilized and distinct areas and hence most organizations have seperate sections of finance and accounts. What Is Reconciliation? You should have recorded in your cash books all amounts you ve actually received and payments you ve actually made.

However the cash books may be incomplete as your bank may have put extra transactions through your account such as:. By regularly doing a bank reconciliation say monthly you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

Assets are things which is provide service for long duration it may 3 years 4 years or for long period of time. These items capitalize in our account books and charge depreciation in every year according to these rate it may 20 10 What Is The Auto Invoice? A powerful tool to import and validate transaction data from other financial systems and create invoices debit memos credit memos and on-account credits.

Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due. Reconciliation statement is formerly known as a tool which is used to reconcile the bank passbook and our passbook. Investment banking is a is a instrument which is used by the financial organization to take a better investment decision like issuing IPO stocks bond etc. Accounts Receivables help small businesses by providing short-term liquidity.

Also continued sales on credit provide the much needed continuity for small businesses. Debtors are the main role of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our product or raw material to the customer or manufacture.


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Explain What Is Brs? A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date. One of the basic convention in accounting is separate legal entity. It means the business is different from those who manage it. When i contribute capital in to my business,it is liability to my business to repay it to me. Explain What Are Derivatives?

Account Receivables Interview Questions In R12

Derivative instrument is an asset which derives ie, takes its origin from another asset. The simplest form of derivative is a forward contract, "It is an agreement to buy or sell an asset at a certain future time for a certain price"Other forms of of derivatives include futures,options and swaps, etc. It is an expenditure the benefit of which will be realised over a period and not during the current period. Ex-Heavy Advertisement expenditure incurred by the company for promoting the product.

The benefits of this huge expenditure will be realised over the period and not in the same period when it is incurred. It is money receivable from sundry debtors for sales made or services rendered.

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What Is Effective Collection? Its depends on the credit period of the company i. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. The next step would be adjusting receipt from customer against the customer outstanding with sale and to clear the customer account. Flow of Accounts receivable should be in proportion to Accounts payable i. What Is Evaluated Receipt Settlement? ERS is a business process between trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice ASN and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier.

Accounting Basics Tutorial. Accounts Receivable Practice Tests. IT Skills. Management Skills. Communication Skills. Business Skills. Digital Marketing Skills. Human Resources Skills. Health Care Skills.